We Are Raising Our FVE for Fortinet to $33 After Incorporating Expected U.S. Corporate Tax Reform
We are increasing our fair value estimate for Fortinet to $33 from $32 based on Morningstar’s belief that U.S. corporate tax reform is expected to settle at a 25% federal tax rate. We are also incorporating a 10% repatriation tax on overseas cash (approximately $600 million for Fortinet). Fortinet is considered a leader in the unified threat management, or UTM, market that is geared toward small and midsize businesses, or SMBs. This space is characterized by limited amounts of staff tending to I...Fortinet provides cybersecurity solutions. The company's product offerings consist of its FortiGate product family and its non-FortiGate products. The company's FortiGate hardware and software licenses are sold with a set of security services. These security services are enabled by FortiGuard, which provides threat research and artificial intelligence capabilities from a global cloud network to deliver protection services to each FortiGate appliance. The company's non-FortiGate products include the Fortinet Security Fabric (such as FortiAP, FortiAnalyzer, FortiSwitch and FortiManager), certain cloud security products (such as virtual machines and cloud services) and other products.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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